ACEN CORP. is earmarking about P70 billion for its capital expenditure (capex) budget next year.
“In 2025, we expect to spend roughly P70 billion,” ACEN President and Chief Executive Officer Eric T. Francia told reporters last week.
Ayala Corp.’s listed energy unit set a capex budget of P72 billion this year covering international operations and energy projects in the Philippines. The company expects to spend P50 billion “across all geographies” for the year.
For next year, ACEN expects to operationalize power projects with a combined capacity of about 1.2 gigawatts (GW) located in and outside the Philippines.
This pipeline of projects forms part of the company’s 6.8-GW portfolio of attributable renewable capacity in operation, under construction and committed projects.
The company operates across a diverse range of markets including the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the US.
ACEN’s renewable capacity has grown to almost seven GW, in line with the strong momentum behind the energy transition in the region, Mr. Francia said in November. The company continues to focus on execution, especially for projects in construction and under development, he added.
The company expects to hit its target of 20 GW of renewable capacity by 2030.
ACEN’s attributable net income fell 20.6% year on year to P1.85 billion in the third quarter amid lower nonoperating earnings.
Gross revenue, on the other hand, rose 6.8% to P8.74 billion, which was offset by lower gross expenses. — Sheldeen Joy Talavera